Core Viewpoint - The public fund industry is experiencing a significant turnover in leadership, with new executives expected to bring fresh ideas and energy to the sector [2][3]. Group 1: Leadership Changes - In 2023, there have been 434 changes in public fund industry executives, including 105 chairpersons and 78 general managers [2]. - The turnover is characterized by a mix of retiring veterans and new leaders with diverse backgrounds, often appointed from within the company or by major shareholders [3]. - Notable examples include Zhang Dong and Chen Yu from Bosera Fund, who both have extensive experience in the financial sector [3]. Group 2: New Leadership Impact - New leaders are beginning to show results, such as the successful fundraising of over 50 billion yuan for a new product by招商基金 (China Merchants Fund) [8]. - The new management at 兴证全球基金 (Xingzheng Global Fund) has successfully launched its first ETF, raising approximately 11.57 billion yuan [8]. - Smaller funds are also seeing significant growth, with one fund in southern China increasing its scale by 152% in Q3, reaching over 10 billion yuan [9]. Group 3: Industry Challenges and Opportunities - The public fund industry faces increasing competition, necessitating precise strategic planning from new leaders [10]. - Regulatory changes, such as management fee reductions and new performance benchmarks, are reshaping the competitive landscape [11]. - New leaders must navigate these challenges while seizing opportunities in the evolving market, particularly in the context of rising demand for fixed-income products [11].